Friday, September 7, 2007

Reversal in Positions in Tri-'state' Area in Foreclosure Rates

According to data released yesterday, the local DC area is finally feeling the effects of the sub-prime fallout, though marginally compared to the rest of the US. As reported in a previous blog titled "Local Housing Market Stable" reports initially suggested that home prices were up 4% between July '06 and July '07 however the new report proves otherwise for the month of August.

Here are some examples the report offered...

In NoVa, including the cities of Arlington, Alexandria, and Fairfax, home sales (settlements) were down 5% from the previous August, still much better than the states decrease at 11%. Surprisingly, average settling home prices are UP from $476,450 last July to $480,000 this year. Not bad for a downturn in the market.

In DC, prices have come up from $417,000 to nearly $431,000 in the same time frame. (Refer to the above blog link for more details)

Additionally, for the three 'states' foreclosure filings and delinquency rates were as follows
.............Foreclosure Filings.........Delinquency rates
DC...........0.59%.......................2.2%
VA...........0.51%.......................1.9%
MD...........0.66%.......................2.0%


Keep in mind that if you ask any experienced real estate agent, August happens to be the slowest month of the year for buyers. With the collaboration of the school year starting, to the new year at college and the ending of summer vacations, external factors may have contributed to the recently released statistics.

20005

A special thanks to David Francis of the Examiner for bringing the studies to our attention and to Mario Gabalda at FBW for sending me the link.
HERE.

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